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Mark Askew 952 Monterey Circle Monterey, CA 93940 831-625-2429

INVOICE

02/24/2014
DATE

14020010
FILE NUMBER CASE NUMBER

Client:

Royalty Mortage Co. 9330 Baseline Rd. Ste 205 Rancho Cucamonga, CA 91701

Item

Total

APPRAISAL FEE FOR SERVICES RENDERED

1,000.00

Intended User: Royalty Mortgage Co. 1555 Viscaino Rd. Pebble Beach, CA 93953 Pescadero Heights No 2 Tr 463 Lo 12 Blk 2

Total: Please detach and include the bottom portion with your payment... Thank You!

1,000.00

Inv Date Insp Date 02/24/2014 02-21-2014

Appraiser Mark S. Askew

Client Case #

File # 14020010

Client Phone #

FROM:
Royalty Mortage Co. 9330 Baseline Rd. Ste 205 Rancho Cucamonga, CA 91701

PROPERTY:
Intended User: Royalty Mortgage Co. 1555 Viscaino Rd. Pebble Beach, CA 93953

Amount Due $ 1,000.00

TO:
Attention:
Mark Askew 952 Monterey Circle Monterey, CA 93940

Amount Enclosed $

Balance Due upon receipt of Invoice Please return this portion with your payment. Thank You!

Mark Askew

File No.

14020010

APPRAISAL REPORT
OF THE REAL PROPERTY LOCATED AT 1555 Viscaino Rd. Pebble Beach, CA 93953

for Royalty Mortage Co. 9330 Baseline Rd. Ste 205 Rancho Cucamonga, CA 91701

as of February 21, 2014

by Mark S. Askew 952 Monterey Circle Monterey, CA 93940

Mark Askew

Uniform Residential Appraisal Report


Property Address Owner

File #

14020010

The purpose of this summary appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property. City State CA Zip Code 93953 1555 Viscaino Rd. Pebble Beach Intended User County Deutsche Bank National Tr. Co. Royalty Mortgage Co. Monterey Legal Description Pescadero Heights No 2 Tr 463 Lo 12 Blk 2 Assessor's Parcel # APN 008-502-005-000 Tax Year 2013 R. E. Taxes $ 33,209.80 Neighborhood Name Map Reference Census Tract 0119.00 Pescadero Heights 80-C7 Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month X Property Rights Appraised Fee Simple Leasehold Other (describe) X Intended Use: Provide a prospective opinion of market value. Client Address 9330 Baseline Rd. Ste 205, Rancho Cucamonga, CA 91701 Royalty Mortage Co. Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of the appraisal? X Yes No Report data source(s) used, offering price(s), and date(s). *** See Additional Comments *** I

S U B J E C T

C O N T R A C T

did

did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not

performed.

*** See Additional Comments *** N/A


Date of Contract

Contract Price $

N/A

Is the property seller the owner of public record?

Yes

No

Data Source(s)

Metroscan
Yes

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the client? If Yes, report the total dollar amount and describe the items to be paid:

No

Note: Race and the racial composition of the neighborhood are not appraisal factors.

N E I G H B O R H O O D

Neighborhood Characteristics
Location Built-Up Growth Urban

One-Unit Housing Trends


Rural Property Values Increasing Shortage Under 3 mths

One-Unit Housing
Declining Over Supply Over 6 mths PRICE $(000) AGE (yrs) Low High Pred.

Percent Land Use %


One-Unit 2-4 Unit Multi-Family Commercial Other

Suburban 25-75% Stable

X X

Stable In Balance 3-6 mths

100.0

% % % % %

Over 75% Rapid

Neighborhood Boundaries

X Marketing Time X Slow *** See Additional Comments ***


Under 25% Demand/Supply

2,500 25,000 3,000

New 80 50

Neighborhood Description

*** See Additional Comments ***

Market Conditions (including support for the above conclusions)

*** See Additional Comments ***

Shape Rectangular Please see enclosed plat map from Metroscan Area 1.10 Acre Zoning Description Allows Single Family Residential LDR/1.5-D (CZ) Zoning Compliance Legal No Zoning Illegal (describe) X Legal Nonconforming (Grandfathered Use) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? X Yes Dimensions Specific Zoning Classification

View

Fair Ocean Vistas

No If No, describe

S Utilities Public Other (describe) I Electricity X T Gas X E


FEMA Special Flood Hazard Area

Public Other (describe)


Water Sanitary Sewer

Off-site Improvements--Type Public

Private

X X Zone X X Yes
FEMA Map No.

Yes

No

FEMA Flood Zone

Asphalt Alley None 06053C0305G


Street Yes

X
FEMA Map Date

04/02/2009

Are the utilities and off-site improvements typical for the market area?

No. If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?

No If Yes, describe

*** See Additional Comments ***

General Description Units

Foundation

Exterior Description Crawl Space Partial Basement Foundation Walls

materials/condition Interior Floors

materials/condition

X X

One

One with Accessory Unit

Concrete Slab Full Basement

# of Stories Type Det.

Split Level
Att. Proposed S-Det/End Unit

Basement Area

None sq. ft.


% Sump Pump

Existing

Under Const. Basement Finish Outside Entry/Exit Evidence of Dampness Heating Infestation Settlement HWBB Fuel

Country French Year Built 1980 Effective Age (Yrs) 34


Design (Style) Attic None Drop Stair Floor Finished Appliances Stairs

Conc. Slab/Avg. Exterior Walls Stucco / V.Gd. Roof Surface Slate/V.Gd. Gutters & Downspouts Copper/V.Gd. Window Type Wd csmt.T.P./V.Gd. Storm Sash/Insulated None/Yes Screens Yes
WoodStove(s)#

Stn.Hdwd./Cpt/Exc. Walls Drywall/V.Gd. Trim/Finish Wd./V.Gd. Bath Floor Stn.Tile/Exc. Bath Wainscot Stn.Tile/Exc.
Car Storage None # of Cars

X X

Driveway

5+ 4+ X
Built-in

FWA

Radiant Amenities

Driveway Surface Garage Carport Att.

Pavers
# of Cars # of Cars Det.

I M P R O V E M E N T S

Other Cooling

Gas
Other

X X
Refrigerator

Scuttle Heated

Central Air Conditioning

Individual

X X X

Fireplace(s) # Patio/Deck Pool

4 Both Spa

X X

Fence Porch Other

Wood Entry

Range/Oven contains:

Finished area above grade

Additional features (special energy efficient

Other (describe) X Dishwasher X Disposal X Microwave P Washer/Dryer 12 Rooms 5 Bedrooms 6F1H Bath(s) 6,007 Square Feet items, etc.) *** See Additional Comments ***

of Gross Living Area Above Grade

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

*** See Additional Comments ***

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?

Yes

No If Yes, describe

Does

the

property

generally

conform

to

the

neighborhood

(functional

utility,

style,

condition,

use,

construction,

etc.)?

Yes

No If No, describe

RMPF Form 1004 May 2007

Page 1 of 6

Mark Askew

Uniform Residential Appraisal Report


There are There are

File #

TPBOC #489 13070001


to $ to $ .

1 4

comparable properties currently offered for sale in the subject neighborhood ranging in price from $ comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ SUBJECT COMPARABLE SALE # 1

3,900,000.00 3,250,000.00

4,868,000.00

FEATURE

COMPARABLE SALE # 2

COMPARABLE SALE # 3

1555 Viscaino Rd. 1525 Viscaino Rd. 1440 Riata Rd. 1512 Bonifacio Rd. Address Pebble Beach, CA 93953 Pebble Beach, CA 93953 Pebble Beach, CA 93953 Pebble Beach, CA 93953 Proximity to Subject 0.19 miles NW 0.84 miles W 0.39 miles NW Sale Price $ $ $ $ 3,250,000 3,750,000 3,865,000 N/A Sale Price/Gross Liv. Area $ sq. ft. $ 699.83 sq. ft. $ 607.48 sq. ft. $ 1,690.73 sq. ft. Data Source(s) Mls# 81314220/Dom 203 Mls# 81218707/Dom 403 Mls# 81240255/Dom 205 Verification Source(s) Doc# 2013076339 Doc# 20130499223 Doc# 20130041283
VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade DESCRIPTION DESCRIPTION
+(-)$ Adjustment

DESCRIPTION

+(-)$ Adjustment

DESCRIPTION

+(-)$ Adjustment

Conv. 1st. T.D. Arms Length 12/20/2013 Coe Very Good Very Good Fee Simple Fee Simple 1.10 Acre 0.548 Acres Fair Ocean Vistas Gd. Ocean Vistas Country French Tudor Very Good Very Good A34/E5 A/27 Very Good/RemodVery Good/Remod
Total Bdrms.

S A L E S

Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility

12 5 6,007 None

Conv. 1st. T.D. All Cash Arms Length Arms Length 08/06/2013 06/28/2013 Coe -100,000 Very Good Sly Superior Fee Simple Fee Simple +150,000 0.84 Acre -700,000 No Adj. 2.76 Acres -100,000 Fair Ocean Vistas -750,000 No Adj. Exc. Panoramic Country French Colonial +400,000 No Adj. Very Good/Excellent -400,000 Inferior No Adj. A/21 Inc. in Cond. A/58 Inc. in Cond. +300,000 Good/Dated +400,000 No Adj. Very Good Baths Total Bdrms. Baths 20000Ba Total Bdrms. Baths 40000Ba Total Bdrms. Baths 60000Ba 4 5F 1H No Rm. Adj. 9 4 4F 1H No Rm. Adj. 8 4 3F 1H No Rm. Adj. 6F1H 9 sq. ft. sq. ft. sq. ft. sq. ft. 4,644 +204,500 6,173 -25,000 2,286 +558,000 None None None

C Heating/Cooling O M Energy Efficient Items P Garage/Carport A Porch/Patio/Deck R I Fireplaces S Sep. Aux. Bldgs. O Sep. Rooms N Net Adjustment (Total)

Average Average Average Average Fau / None Fau / None Fau / None Inc. in Qual Fau / None Inc. in Qual None None None None +35,000 3 Car Garage +35,000 2 Car Garage +65,000 Gar 4+ & Lndry. 3 Car Garage Patios&Balconys Patios&Balconys Porch/Patios/Balc. No Adj. Decks No adj. 4 Fireplaces 3 Fireplaces Inc. in Qual 4 Fireplaces Inc. in Qual 1 Fireplace Inc. in Qual. -200,000 No Sep. Aux. Bldgs. No Sep. Aux. Bldgs. No Sep. Aux. Bldgs. Sep. Guest House +15,000 None +15,000 None +15,000 441 sq.ft. spa room None $ + X $ + X $ X + 324,500 -135,000 -152,000 Adjusted Sale Price Net Adj. Net Adj. Net Adj. 9.98 % 3.60 % 3.93 % A Gross Adj. 16.14 % $ 3,574,500 Gross Adj. 24.40 % $ 3,615,000 Gross Adj. 81.45 % $ 3,713,000 P of Comparables P I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain The comparables used in this report R were researched back in time to the last time the property transfered. The reported sales prices and date of sale are shown in the grid O A below if within the past 1 year for the comparables and the past 3 years for the subject property. did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. C My research H Data Source(s) Metroscan and the multiple listing service My research did X did not reveal any prior sales or transfers of the comparable sales for the prior year to the date of sale of the comparable sale. Data Source(s) Metroscan and the multiple listing service
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM Date of Prior Sale/Transfer Price of Prior Sale/Transfer SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Metroscan Metroscan 02/21/2014 02/21/2014 Analysis of prior sale or transfer history of the subject property and comparable sales There are no existing purchase or listing agreements known affecting the subject property. The 36 month prior sales history for the subject, and the 12 month history for the comparables are indicated in the market grid.
Data Source(s) Effective Date of Data Source(s)

Metroscan 02/21/2014

Metroscan 02/21/2014

Summary of Sales Comparison Approach

*** See Additional Comments ***

Indicated Value by Sales Comparison Approach $ 3,600,000 Cost Approach (if developed) $ 4,133,800 Income Approach (if developed) $ N/A R Indicated Value by: Sales Comparison Approach $ 3,600,000 E Greatest weight given to the sales comparison approach because it best reflects the actions of buyers and sellers on the open market. C O The cost approach supports the final value estimate, insufficient sales of rental properties to utilize the income approach. N C This appraisal is made "as is," X subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been I completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the L I following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: * * * S ee Addit ional A Comments * * * T Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting I O conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is N $ 3,600,000 , as of February 21, 2014 , which is the effective date of this appraisal.

RMPF Form 1004 May 2007

Page 2 of 6

Mark Askew

File No.

14020010

ADDITIONAL COMPARABLES
Intended User
Property Address City

Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Pebble Beach Monterey Royalty Mortage Co.
FEATURE SUBJECT COMPARABLE SALE NO. 4

State

CA
COMPARABLE SALE NO. 5

Zip Code

93953

COMPARABLE SALE NO. 6

1555 Viscaino Rd. 1618 Corte Ln. 1544 Viscaino Rd. Pebble Beach, CA 93953 Pebble Beach, CA 93953 Pebble Beach, CA 93953 Proximity to Subject 0.27 miles S 0.17 miles NW Sale Price $ $ $ 4,868,600 3,900,000 N/A Sale Price/Gross Liv. Area $ sq. ft. $ 694.52 sq. ft. $ 634.15 sq. ft. $ Data Source(s) Mls# 81301920/Dom 532 Mls# 81321849/Dom 248 Verification Source(s) Doc# 2013057330 Active Listing
Address VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck DESCRIPTION DESCRIPTION
+(-)$ Adjustment

$ sq. ft.

DESCRIPTION

+(-)$ Adjustment

DESCRIPTION

+(-)$ Adjustment

Conv. 1st. T.D. Arms Length Arms Length -150,000 09/13/2013 Coe Active listing Very Good Very Good Very Good Fee Simple Fee Simple Fee Simple 1.10 Acre 2.0 Acres Sim. Use 1.05 Acre No Adj. -500,000 Avg. Dist. Ocean -100,000 Fair Ocean Vistas Panoramic Country French Traditional Country French -600,000 Very Good Very Good Superior A34/E5 A/26 Inc. in Cond. A/17 Inc. in Cond. Very Good/RemodVery Good/Remod No Adj. Very Good/Remod No Adj. Total Bdrms. Baths Total Bdrms. Baths 20000 Ba Total Bdrms. Baths 40000 Ba 12 5 6F1H 8 4 3F 3H No Rm. Adj. 8 4 4F 1H No Rm. Adj. sq. ft. sq. ft. sq. ft. 6,007 7,010 -150,500 6,150 -21,500 -50,000 None None 1550 Sq.Ft. Bsmt Average Average Average Fau / None Radiant/None Fau / None None None None +35,000 3 Car Garage +35,000 Gar 4+ & Lndry. 3 Car Garage Patios&Balconys Patios&Balconys Patios&Balconys 4 Fireplaces 3 Fireplaces Inc. in Qual 3 Fireplaces Inc. in Qual No Sep. Aux. Bldgs. No Sep. Aux. Bldgs. No Sep. Aux. Bldgs. +15,000 None +15,000 441 sq.ft. spa room None + X $ -1,180,500 + X $ -231,500 Net Adj. Net Adj. 24.25 % 5.94 % Gross Adj. 27.12 % $ 3,688,100 Gross Adj. 10.55 % $ 3,668,500
SUBJECT COMPARABLE SALE #4 COMPARABLE SALE

Total Bdrms.

Baths

sq. ft.

Fireplaces Sep. Aux. Bldgs. Sep. Rooms


Net Adjustment (Total) Adjusted Sale Price of Comparables ITEM Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s)

+ Net Adj. Gross Adj. #5

% $ SALE #6

COMPARABLE

Effective Date of Data Source(s) Comment on Sales Comparison

Metroscan 02/21/2014

Metroscan 02/21/2014

Metroscan 02/21/2014

Mark Askew

File No.

14020010

ADDITIONAL COMMENTS
Intended User
Property Address City

Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

DATA ON SUBJECT SALE OFFERINGS Per MLS#81331364, the subject property is bank owned and currently listed for sale with a list price of $2,179,538. days on market 151. There is a pending sale of $2,010,000, Contract dated 01/08/14 is expected to close escrow on 03/07/2014 or sooner. ANALYSIS OF SALE CONTRACT The purchase contract and counter offers were reviewed by me. The contract appears to be without abnormal conditions, and no personal property or finance concessions are included in the purchase price. This report, however, is written to provide a prospective market value after major renovations have been completed. NEIGHBORHOOD BOUNDARIES The neighborhood, known as "Pescadero Heights" is bounded to the northeast by the Sunridge area of Pebble Beach, south by the city limits of Carmel By The Sea, west by the 17 Mile Dr. and north by the Monterey Peninsula Country Club area of Pebble Beach. NEIGHBORHOOD DESCRIPTION THE NEIGHBORHOOD IS BUILT-OUT AND ONLY INFILL OF SPARSELY LEFT OVER PARCELS EXIST. THE ONGOING WATER MORATORIUM IS IN EFFECT EXCEPT FOR PEBBLE BEACH WHERE WATER CREDITS CAN BE PURCHASED FROM PEBBLE BEACH CORPORATION. THE CURRENT MARKET ALLOWS FOR BUYERS TO PURCHASE A READY BUILT HOME FOR FAR LESS THAN THE COST TO BUILD A NEW HOME. THEREFORE, OWNER BUILT CONSTRUCTION ACTIVITIES AND SPECULATIVE CONSTRUCTION ARE NOT AS BRISK AS YEARS PAST. THE ONGOING WATER MORATORIUM IS IN EFFECT EXCEPT FOR PEBBLE BEACH WHERE WATER CREDITS CAN BE PURCHASED FROM PEBBLE BEACH CORPORATION. THE CURRENT MARKET ALLOWS FOR BUYERS TO PURCHASE A READY BUILT HOME FOR FAR LESS THAN THE COST TO BUILD A NEW HOME. THEREFORE, OWNER BUILT CONSTRUCTION ACTIVITIES AND SPECULATIVE CONSTRUCTION ARE NOT AS BRISK AS YEARS PAST. SUBJECT IS LOCATED IN A PRIVATE RESIDENTIAL AREA WITH 24 HOUR MANNED SECURITY GATES. SINGLE FAMILY HOMES VARY IN AGE, SIZE, QUALITY AND MOST ARE MAINTAINED IN VERY GOOD CONDITION. HOMESITES ARE WOODED, SOME ARE LOCATED ON ROLLING SLOPES, AND SOME ARE ALONG GOLF COURSES WITH OCEAN VIEWS. SUBJECTS IMMEDIATE AREA OF PEBBLE BEACH IS IN HIGH DEMAND BECAUSE OF IT'S CLOSE LOCATION TO THE LODGE AT PEBBLE BEACH. THE TYPICAL IMPROVEMENT IN THIS AREA ARE ESTATE HOMES, AND ARE TYPICALLY BUILT FROM HIGH END MATERIALS AND EXPRESS HIGH END DESIGNED APPEAL, QUALITY OF CONSTRUCTION BY DESIGN, AND ARE TYPICALLY LOCATED ON ONE PLUS ACRE GATED PARCELS THAT ARE PROFESSIONALLY LANDSCAPED AND MAINTAINED. THE AREA IS CONVENIENT TO PRIVATE SCHOOLS, LOCAL GOLF COURSES AND IS CONVENIENT TO NEIGHBORING LODGE AT PEBBLE BEACH WHERE THERE ARE SHOPS, A MARKET, A BANK, AND FINE DINING. PEBBLE BEACH COMPANY OWNS THE SECURITY PATROL, FIRE DEPARTMENT, ALL PAVED ROADS, SECURITY GATES AND SEVERAL GOLF LINKS, COUNTRY CLUBS, INCLUDING THE LODGE AT PEBBLE BEACH ETC. THE HOMEOWNERS FINANCIAL PARTICIPATION TO HELP PAY FOR ROADS, SECURITY, FIRE, ETC. IS INCLUDED IN THE REAL ESTATE TAXES. PEBBLE BEACH IS NOT A PLANNED UNIT DEVELOPMENT. MARKET CONDITIONS MARKET CONDITIONS AFFECTING PEBBLE BEACH ARE SYNONYMOUS WITH THE MONTEREY PENINSULA IN GENERAL. THE LOCAL CORE INDUSTRY IS TOURISM AND RECREATION, WHILE THE CORE INDUSTRY FOR MONTEREY COUNTY IS AGRICULTURE. THE CURRENT MARKET IS SHIFTING FROM A BUYERS MARKET TO A SELLERS MARKET DUE TO THE DECLINING INVENTORIES OF HOMES TO PURCHASE AT THIS TIME. THE PRESENCE OF BANK OWNED PROPERTIES OR SHORT SALES IS NOT UNCOMMON TO PEBBLE BEACH AT THIS TIME. THE REAL ESTATE MARKET CONTINUES TO OFFER FAVORABLE PRICING AS TRENDS CONTINUE TO BE FROM STABLE TO SLIGHTLY INCREASING. THIS TREND IS AFTER THE STEEP DECLINE IN

Mark Askew

File No.

14020010

ADDITIONAL COMMENTS Page 2


Intended User
Property Address City

Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

YEARS PAST. ADVERSE SITE CONDITIONS AND/OR EXTERNAL FACTORS THE SUBJECT NEIGHBORHOOD WAS SUBDIVIDED PRIOR TO THE CURRENT COUNTY ZONING REGULATIONS. THE ZONING REQUIREMENTS ARE LOW DENSITY RESIDENTIAL 1.5 ACRES PER UNIT DESIGN CONTROL, COASTAL ZONE. THE SUBJECT IS LEGAL NON CONFORMING AND CAN BE REBUILT IF TOTALLY DESTROYED. NO ADVERSE EASEMENTS OR ENCROACHMENTS NOTED. ADDITIONAL FEATURES Subjects additional features include, slate tile roof, copper gutters, stucco exterior with stone accenting, all windows are thermal pane, true divided light, wood casement, and leaded accented custom cut glass windows, and beveled glass accenting at the front door. There is significant hardscape in the form of stone patios, curved decorative retaining walls a water feature in the back yard. The driveway features pavers and areas of crushed pebble-teck rock. The flooring consists of stained quarter sawed oak hardwood flooring throughout except for areas where tumbled limestone/travertine tile flooring is used. The use of quarter sawed wood is typically installed in very good quality homes for it's furniture grade beauty, and also because radiant heating passes through quarter sawed wood more efficiently then standard cut. There are 4 fireplaces in the home with each having their unique fireplace surrounds and mantels, and custom exterior chimney caps. The home has low voltage lighting, central audio, security and fire alarms, and soft water. There is are custom hand made anodized iron hand railings and security grills on all upper level stone balconies, and stairways. The home has all custom grade, solid core, 3 hinged doors throughout, all custom good quality hardware, cabinetry, custom slab limestone counters, professional grade kitchen appliances, and custom lighting and plumbing fixtures. There is also a separate full bar in the recreation room, and a dark wood home office/library. The master bedroom has a private stone patio, his and hers walk-in closets and a fireplace. There is a spa room with built-in concrete spa and is separately heated and filtered. The room is +/-441 square feet to include marble flooring, operable skylights for ventilation and one heating duct, separate value given. The master bathroom has high quality stone floors, wainscoting, soaking tub with separate shower, and separate water closet. There are 3 custom stone balconies along areas of the floor over the garages to include custom anodized rails and guardian restraint. PROPERTY CONDITION Subject property is appraised as a good quality, recently remodeled custom home observed to be in very good to excellent condition. No adverse factors noted and no major repairs were observed to be needed a after the total renovation of the home, see comments and conditions of appraisal. SALES COMPARISON APPROACH This appraiser researched all available sources of current market data for the best comparables available to apply a estimate of current market value for the subject property as defined by the subjects physical characteristics. These sources include Metroscan, The Monterey County Association of Realtors, in house files, and the Monterey County Recorders Office. The selection of these comparables focused on the subjects Pebble Beach location, gross living area, and the condition that is expected after the subjects remodel. The quality of construction by design is typically from the ground up. Because the existing home was not designed with significant architectural features include in the original design, a quality of construction by design was given to comps 1, 2, & 4. Basic construction is obvious in comp 3 and the subject is superior in quality of construction by design. The subjects anticipated quality of construction by design is best reflected by comp 5, with consideration given to comp 1 as expressed by the buyer as their future guide to the remodel. Comp 3 was purchased for it's views. It is very obvious that the quality of the home and dated condition of the home is not the selling feature. The views from comp 3 are as good as it gets for the immediate area. The view adjustments are supported by comp 2. Comp 2 is closest to The Lodge at Pebble Beach. Site values increase in location as proximities

Mark Askew

File No.

14020010

ADDITIONAL COMMENTS Page 3


Intended User
Property Address City

Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

become closer to The Lodge thus the location adjustment. The remaining adjustments for minor differences in physical characteristics recognized in the market are supported by the comparables presented in the presented in the sales comparison approach. CONDITIONS OF APPRAISAL The Subject property is appraised "subject to completion" per plans and specifications. The plans and specifications presented to this appraiser are a combination of two basic inspections by two separate contractors. Monterey Bay Construction Inc. and J Carey Construction. The two contractors agree on many proposals to remodel existing deficiencies. These two reports were prepared and presented to the buyer of the subject in order to help estimate the extent of the repairs needed as well as the approximate costs for the repairs and extent of the remodeling. The bid and detailed work on the surface is best provided by Monterey Bay Construction because in addition to the obvious problems with the home, it also addresses the subjects roof condition, areas of existing mold, and it also states that the bid does not include plans, permits, and professional fees. While both bids are presented in the mid $350,000 to upper $390,000 range. It is expected that there will be additional costs with the roof system, and the unexpected costs of hidden problems, as well as start up fees and overhead. Both bids do no address the condition of the heating systems which by now the duct systems should be replaced along with high efficiency forced air heating units. The plumbing system has a recirculating pump. The hot water line of the copper plumbing may need replacing as these systems wear out. The 4 fireplaces are not appropriate in design and quality and should be replaced and new appropriate surrounds and mantels be installed, inspect chimneys and install designed chimney caps. This appraiser is not qualified to provide additional bids for problems during remodeling, however, in past experience, cost over runs are not uncommon. The appraised value includes adding structural features such as a formal entry including covered porch design, selected areas where exterior stone accenting is appropriate, covered porch/patio design to all major rooms with french doors leading out the exterior. The spa room was not addressed in either of the bids presented. This room was given separate value because it lacks in function since access is only from the exterior or through the master bath, and lacks in quality by design. The spa equipment should be relocated out of sight and sound if this spa room is spared. The den, just off of the master bedroom, could be extended into the spa room and finished off in dark woods, coffered ceilings, and used as "his" home office. The bathroom that was angled into the spa room be restored to it's original plan, and the spa eliminated or redesigned. There are other methods of enhancing appeal to the home by adding functional balconies to the bedrooms over the garage, and added size to the existing balconies to the recreation room, etc. The preferred design in Pebble Beach are the Mediterranean designed home. Since the extent of the remodel is so broad, the redesign of the home may prove rewarding. The square footage calculations may differ from other reporting agencies. The gross living area was physically measured by me, and the calculations were computer generated using a commercial sketch processor. I feel that these measurements are true and accurate, and any other published square footage represented by other agencies is considered not to be verified, and therefore not accurate. COMMENTS ON COST APPROACH THE COST APPROACH IS BASED ON A SUBMITTED AND ACCEPTED CONTRACTORS BREAKDOWN, ADDITIONAL CONSULTATION WITH A LOCAL CONTRACTOR AND IN HOUSE CONSTRUCTION APPRAISALS. THE USE OF MARSHALL AND SWIFT COST HANDBOOK IS CONSIDERED TO BE LIMITED USE BECAUSE HIGH END HOMES BUILT IN MONTEREY COUNTY ARE NOT ADEQUATELY ADDRESSED IN THE LOCAL MULTIPLIERS PUBLISHED BY MARSHALL AND SWIFT, NOR IS THE COST PER SQUARE FOOT FACTORS CONSIDERED ADEQUATE. THE COST APPROACH WAS BROKEN DOWN INTO

Mark Askew

File No.

14020010

ADDITIONAL COMMENTS Page 4


Intended User
Property Address City

Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

CONSTRUCTION COSTS FOR THE RESIDENCE, CONSTRUCTION COSTS FOR THE GARAGE AND CONSTRUCTION COSTS FOR SITE IMPROVEMENTS WERE SEPARATED. LAND VALUE BY ABSTRACTION, AND SUPPORTED BY THE COUNTY ASSESSORS OFFICE. THE INSURABLE VALUE IS SUPPORTED BY THE COST APPROACH. THERE ARE NO KNOWN SPECIFIC ADA SURVEYS ON THE SUBJECT PROPERTY.

Mark Askew

Uniform Residential Appraisal Report

File #

A D D I T I O N A L C O M M E N T S

COST APPROACH TO VALUE Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

See comments below.


C O S T

X REPLACEMENT COST NEW Local Contractors A Quality rating from cost service V.Gd. Effective date of cost data 02/21/2014 P
ESTIMATED REPRODUCTION OR Source of cost data

OPINION OF SITE VALUE...........................................................................=$ Dwelling

Spa Rm
Garage/Carport

6,007 441 1,647


Physical

Sq. Ft. @ $ Sq. Ft. @ $

375 150 100

....................... =$ ....................... =$

1,500,000 2,252,625 66,150 164,700 2,483,475 49,670 ) 2,433,805 200,000 4,133,805

P Comments on Cost Approach (gross living area calculations, depreciation, etc.) R *** See Additional Comments *** O A C H

Sq. Ft. @ $

....................... =$ ....................... =$

Total Estimate of Cost-New Less Depreciation Functional External

49,670

=$ (

Depreciated Cost of Improvements..............................................................=$ 'As-is' Value of Site Improvements..............................................................=$ ....................... =$ Estimated Remaining Economic Life (HUD and VA only)

N/A

Years

Indicated

Value

By

Cost

Approach.........................................................=$

I INCOME APPROACH TO VALUE N X Gross Rent Multiplier =$ C Estimated Monthly Market Rent $ N/A Indicated Value by Income Approach O Summary of Income Approach (including support for market rent and GRM) The immediate neighborhood is predominantly owner M E therefore, there are insufficient sales of rental properties to utilize the income approach.
PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached

occupied,

P U D I N F O R M A T I O N

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal name of project Total number of phases Total number of units rented Total number of units Total number of units for sale Yes No Total number of units sold Data Source(s) No If Yes, date of conversion Data Source(s) Yes No If No, describe the status of completion.

Was the project created by the conversion of existing building(s) into a PUD? Does the project contain any multi-dwelling units? Yes

Are the units, common elements, and recreation facilities complete?

Are the common elements leased to or by the Homeowners' Association?

Yes

No

If Yes, describe the rental terms and options.

Describe common elements and recreational facilities

RMPF Form 1004 May 2007

Page 3 of 6

Mark Askew

Uniform Residential Appraisal Report

File #

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The Appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment.

SCOPE OF WORK:
reporting requirements and of assumptions limiting

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the this appraisal report form, including The the following must, definition at a of market value, statement a of conditions, and certifications. appraiser minimum: (1) perform visual

inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

DEFINITION OF MARKET VALUE:

The most probable price which a property should bring in a competitive and open

market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:


subject to the following assumptions and limiting conditions:

The appraiser's certification in this report is

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner.

RMPF Form 1004 May 2007

Page 4 of 6

Mark Askew

Uniform Residential Appraisal Report


APPRAISERS CERTIFICATION:
The Appraiser certifies and agrees that:

File #

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. of I performed a visual in inspection factual, of the interior I and exterior and areas of reported the the subject property. physical I reported the could condition affect the

the

improvements

specific

terms.

identified

deficiencies that

livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal

Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event. 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.

RMPF Form 1004 May 2007

Page 5 of 6

Mark Askew

Uniform Residential Appraisal Report

File #

20. I identified the client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. I am aware that any disclosure or distribution of this appraisal report by me or the client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 22. If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

SUPERVISORY APPRAISERS CERTIFICATION:

The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraisers analysis, opinions, statements, conclusions, and the appraisers certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraisers analysis, opinions, statements, conclusions, and the appraisers certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER
Signature Name

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License

Mark S. Askew Company Name Mark Askew Company Address 952 Monterey Circle Monterey, CA 93940 Telephone Number 831-625-2429
Email Address Date of Signature and Report February 24,

2014 Effective Date of Appraisal February 21, 2014 State Certification # AR004736
or State License # or Other State

CA 12/11/2014
SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection

Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED

1555 Viscaino Rd. Pebble Beach, CA 93953


APPRAISED VALUE OF SUBJECT PROPERTY $ CLIENT Name

3,600,000

Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection

Royalty Mortage Co. Company Address 9330 Baseline Rd. Ste 205 Rancho Cucamonga, CA 91701
Email Address

Company Name

RMPF Form 1004 May 2007

Page 6 of 6

Mark Askew

File No.

14020010

SKETCH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

Mark Askew

File No.

14020010

SITE PLAN
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

Mark Askew

File No.

14020010

Location Map
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

FRONT VIEW OF SUBJECT PROPERTY

REAR VIEW OF SUBJECT PROPERTY

STREET SCENE OF SUBJECT PROPERTY

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

1555 Viscaino Rd. Additional Front Photo. The entire yard needs to be re-landscaped. The slate roof leaks. The slate was placed over the asphalt shingle roof, appraiser recommends roof inspection for possible removal and replace the entire roof system, match the copper gutters, all around, and replace chimney caps.

1555 Viscaino Rd. Garage doors will be refinished and or replaced, all balconies will be rebuilt. Replace all windows with good quality thermal pane and by a qualified carpenters.

1555 Viscaino Rd. Front slate deck to be rebuilt.

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

1555 Viscaino Rd. Retaining walls, and planters will be replaced

1555 Viscaino Rd. Evidence of a seasonal stream could be rebuilt/relandscape.

1555 Viscaino Rd. Fair Ocean Vista Views might be enhanced with major trimming to neighbors trees if permitted by the neighbor.

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

1555 Viscaino Rd. Relocate or enclose spa equipment

1555 Viscaino Rd. Complete Kitchen Remodel

1555 Viscaino Rd. Remove all wall paper, retexture and paint the entire interior of the home, including all new baseboard. The hardwood is cupped beyond sanding/repair and needs replacement.

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

1555 Viscaino Rd. Remodel All Bathrooms

1555 Viscaino Rd. Reinstall all new flooring, replace hollow core doors with solid core, remodel all fireplaces.

1555 Viscaino Rd. Repair security gates, replace the exposed aggregate driveway with pavers.

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

1555 Viscaino Rd. No value given to loft

1555 Viscaino Rd. Separate value given to patio conversion to a spa room. Interior access is either exterior or from the master bathroom.

1555 Viscaino Rd. Remodel Wet Bar

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

COMPARABLE #1
1525 Viscaino Rd. Pebble Beach, CA 93953 $3,250,000 Price 699.83 Price/SF Date 12/20/2013 Coe Age A/27 Room Count 9-4-5F 1H 4,644 Living Area
Value Indication

$3,574,500

COMPARABLE #2
1440 Riata Rd. Pebble Beach, CA 93953 Price Price/SF Date Age Room Count Living Area
Value Indication

$3,750,000 607.48 08/06/2013 A/21 9-4-4F 1H 6,173 $3,615,000

COMPARABLE #3
1512 Bonifacio Rd. Pebble Beach, CA 93953 $3,865,000 Price 1,690.73 Price/SF Date 06/28/2013 Coe Age A/58 Room Count 8-4-3F 1H 2,286 Living Area
Value Indication

$3,713,000

Mark Askew

File No.

14020010

PHOTOGRAPH ADDENDUM
Intended User
Property Address City Client

Royalty Mortgage Co. 1555 Viscaino Rd. County Monterey Pebble Beach Royalty Mortage Co.

State

CA

Zip Code

93953

COMPARABLE #4
1618 Corte Ln. Pebble Beach, CA 93953 $4,868,600 Price 694.52 Price/SF Date 09/13/2013 Coe Age A/26 Room Count 8-4-3F 3H 7,010 Living Area
Value Indication

$3,688,100

COMPARABLE #5
1544 Viscaino Rd. Pebble Beach, CA 93953 Price Price/SF Date Age Room Count Living Area
Value Indication

$3,900,000 634.15 Active listing A/17 8-4-4F 1H 6,150 $3,668,500

COMPARABLE #6

Price Price/SF Date Age Room Count Living Area


Value Indication

--

Mark Askew